Apple stock reached new highs on Monday, one week out of its 4-for-1 stock split.
Morgan Stanley analysts Katie Huberty and Eric Woodring raised their target price on the stock from $ 431 to $ 520. Analysts wrote in a note on Monday that their Aadhaar case assumes that continued services growth and the 5G iPhone cycle will boost double-digit revenue growth in fiscal 2021.
Apple stock (ticker: AAPL) was up $ 1.5% to $ 505.12 Monday morning, and traded as high as $ 515.14. The Dow Jones Industrial Average was up 1%. The stock has risen 71% in 2020, a huge achievement given that the shares crushed the market in 2019 as well. Apple stock is up about 146% from 12 months ago. Last week, the company’s valuation was above $ 2 trillion.
On August 31, Apple shareholders will receive four shares in exchange for their own. Although stock splits on the surface mean nothing to an investment, they do in principle make high-value stocks more accessible to individual investors. Rising optimism among analysts and analysts has provided a spark for both Apple and Tesla (TSLA) in recent weeks, splitting 5 for 1.
Huberty and Woodring’s price target is now the highest listed by FactSet. The next highest target is by Wesbush analysts Dan Ives, Streaker Back and Ahmed Khalil. The Wesbush team set a $ 515 price target on Monday.
He noted over the weekend that media reports indicated that there were restrictions on US companies that might not allow access to Tencent’s WeChat platform outside the US as some had feared.
“This is in line with our view and thesis based on recent discussions with contacts within the Beltway that the WeChat ban will not negatively affect or disrupt Apple’s iPhone ecosystem within China’s key market, which will be approximately in the next 12 years 20% represents overall elevation. For 18 months, ”he wrote.
He said that 5G is still the “linchpin for future upgrade cycles”.
Write Connor Smith at [email protected]